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Popular analyst Rekt Capital believes that the next few months could be life-changing as the market is breaking out of a long downtrend. If this breakout is confirmed, we could see the altcoin market shoot up and try to hit the $780 billion mark.
Looking back to mid-2021, altcoins had a massive surge before crashing down. But after hitting support, the market rallied again in early 2024. Now, after another drop, altcoins are showing signs of bouncing back. Buyers are stepping in aggressively, buying up coins during the dips, which means people are becoming more confident in the market.
This strong buying pressure is building a solid foundation, and we’re seeing a “higher low,” which is a good sign for the future. This means the market may not need a deeper correction and could be gearing up for a breakout. If the downtrend is fully broken, the altcoin market could soar to new highs.
Some coins, like Dogecoin, are already showing signs of breaking out of their downtrends. If this trend continues and the breakout is confirmed, the market could experience significant growth in both the short and long term. This could be the beginning of a new uptrend, leading to higher prices and potentially record-breaking highs for altcoins.
The analyst also opened up about other altcoins, such as Fetch.ai and Injective. Fetch has shown signs of breaking its downtrend, rallying by 26% as it approaches its previous high. However, it may need to consolidate before moving higher. Meanwhile, Injective has successfully broken out of a downtrend and is monitoring two key levels for further confirmation of its upward trajectory.
In other news, as of September 27, 2024, the meme coin market has seen a significant boost, reaching a total value of $51 billion. The positive momentum in the meme coin market has been driven by top tokens like Dogecoin, Shiba Inu, and others posting double-digit gains, contributing to a one-day increase.
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